Blog

May 04, 2015 MONEY (MSM)

Cisco's Chambers to step down as CEO, Robbins to take over

Company veteran Chuck Robbins, 49, will take over as CEO while 65-year-old Chambers, one of the longest-serving leaders of a Silicon Valley company, will become executive chairman and continue to be chairman, the company said on Monday. Wall Street analysts said a change was expected and could signal a refocusing of Cisco, which acquired dozens of companies under Chambers but has failed to make great headway outside its core networking

May 04, 2015 MONEY (MSM)

U.S. factory orders post largest gain in eight months

New orders for U.S. factory goods recorded their biggest increase in eight months in March, boosted by demand for transportation equipment, but the underlying trend remained weak against the backdrop of a strong dollar. The report on Monday from the Commerce Department was the latest indication that while economic growth is regaining some momentum after abruptly slowing down in the first quarter, the rebound would not be as strong as

May 04, 2015 MONEY (MSM)

Oil slips after hitting 2015 high above $67

The collapse of oil prices in 2014 has prompted expectations that supply growth in higher-cost crude producers such as the United States will slow. On Friday, oil services firm Baker Hughes Inc. said the number of U.S. active rigs had fallen for a record 21 weeks in a row. Brent crude (LCOc1) slipped 15 cents to $66.31 (£43.83) a barrel by 1431 London time, after hitting a 2015 peak of